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U.S.–Iran Strikes Escalate: What It Means for Your Gas Bill and Savings

  ⚡ BREAKING · MAY 8, 2026 By MoneySavings.ca Editorial Team   |  May 8, 2026  |  5 min read The Strait of Hormuz, photographed from space. Approximately 20% of the world's oil supply passes through this narrow waterway. (Image: NASA / Public Domain) American warships were attacked in the Strait of Hormuz on May 7, 2026 — and the U.S. military fired back hard, striking Iranian ports at Qeshm and Bandar Abbas. For Canadians, this isn't just a distant war story. It's a pocketbook issue. 20% of global oil transits the Strait of Hormuz every day $94 projected WTI crude price per barrel if closure continues (CEPR, 2026) 5% of normal shipping traffic still moving through the Strait What Happened — and When The crisis didn't begin overnight. On February 28, 2026, the United States and Israel launched coordinated strikes against Iran, targeting nuclear infrastructure and senior military leadership — including Supreme Leader Ali Khamenei, who was killed in the strik...
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Hezbollah Fires Rockets into Israel as Blinken Arrives for Ceasefire Talks

Hezbollah launched a series of rockets into Israel early Tuesday morning, targeting key military bases near Tel Aviv and a naval base west of Haifa. This escalation comes amid heightened tensions and ongoing Israeli strikes on southern Lebanon and Beirut’s southern suburbs.

The rocket attacks occurred just hours before U.S. Secretary of State Antony Blinken landed in Israel. Blinken’s visit aims to push for a ceasefire in the conflict, which has seen significant casualties and destruction on both sides. Despite these diplomatic efforts, achieving an immediate resolution remains challenging due to deep-seated divisions between the parties involved..

As the situation develops, the international community continues to call for restraint and a peaceful resolution to the conflict.


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